开源证券研报指出，中兴通讯2025年前三季度实现归母净利润53.22亿元，2025Q3实现归母净利润2.64 亿元。公司加速突破国内智算市场，运营商市场持续提升海外市占率。分板块来看，2025前三季度，公 司网络板块收入占总营收50%，公司持续深耕空天地一体、通感一体等技术，5G-A实现商用并持续推 动6G演进；算力板块营收同比增长180%，占总营收25%，其中，服务器及存储同比增长250%，数据中 心产品同比增长120%，公司智算服务器已进入BBAT、京东、美团等国内多家互联网及金融头部企业， 并在海外深化合作，实现规模商用，数据中心在国内获多个核心节点项目，积极拓展拉美、北非、中亚 等海外市场；家庭及个人板块占总营收25%，个人业务营收双位数增长，其中海外手机同比增长超 25%，公司发布红魔11Pro系列、努比亚Z80Ultra等新机，深度集成豆包AI大模型。公司全面投入AI，自 研芯片+超节点服务器+高速交换机筑牢智算底座。伴随5G-A商用落地以及算力持续建设，看好第二曲 线业务长期发展，维持"买入"评级。 ...

Core Viewpoint - ZTE Corporation reported a revenue of 100.52 billion yuan for the first three quarters of 2025, marking an 11.6% year-on-year increase, with a net profit of 5.32 billion yuan [1] Group 1: Business Performance - The company has adjusted its business layout to focus on three emerging sectors, which significantly supported its performance: computing business revenue grew by 180%, accounting for 25% of total revenue; home and personal business also saw growth, with its revenue share rising to 25% [1] - In the computing sector, server and storage revenue increased by 250%, while data center product revenue grew by 120%, becoming a key driver of the company's revenue growth [2] - R&D expenses for the first three quarters reached 17.81 billion yuan, approximately 18% of revenue, with a significant portion allocated to computing-related technologies and products [2] Group 2: Industry Trends - The domestic AI industry is rapidly developing, with predictions indicating that data center investments driven by cloud vendors could approach 400 billion yuan by 2025, reflecting a 79% year-on-year growth [2] - The trend of integrating AI into ICT technology is prevalent among ICT companies, with ZTE following this direction by advancing its technology layout [2] Group 3: Network Technology and Market Position - ZTE's network technology aligns with the current pace of technological evolution, with 5G-A entering commercial use and ongoing 6G research [3] - The company ranks in the second tier globally for shipments of 5G base stations and core networks, maintaining a strong market presence in fixed network products [3] Group 4: Consumer Business Expansion - The demand for smart home solutions is increasing, and ZTE is focusing on a comprehensive smart ecosystem for home and personal consumers, with stable growth in home and personal business revenue [4] - The overseas mobile phone market has performed well, with activation rates exceeding a 25% increase year-on-year, and cloud computer revenue continuing to grow rapidly [4] - ZTE has launched various AI cloud terminal products, achieving global shipments of over 6 million units and serving over 10 million cloud computer users, capturing a 44.5% market share in China [5] Group 5: Future Outlook - ZTE's transformation is showing results, with a revenue structure shifting from traditional telecom equipment to diversified businesses like computing and terminals, reducing reliance on a single market [5] - The company is well-positioned to capitalize on market opportunities as its computing business expands internationally and enterprise solutions penetrate deeper into manufacturing and other sectors [5]

AI发展浪潮下，中兴通讯(000063)以网络、算力、家庭、个人为主的四大核心业务全面拥抱AI，且逐渐形成新的增长引擎，并为中兴通讯未来构筑起强大的 产业护城河。 新兴业务表现亮眼 10月28日晚，中兴通讯发布2025年三季报显示，2025年1-9月，该公司实现营收1005.2亿元，同比增长11.6%，归母净利润53.2亿元，扣非归母净利润38.8亿 元。 随着2022年底ChatGPT引领AI浪潮，作为数字经济基础设施核心建设者，中兴通讯锚定"连接+算力"战略主航道，加速AI基础设施部署与升级，在"网络、算 力、家庭、个人"四大领域持续突破底层核心技术，形成全栈技术优势，从智算基础设施建设、AI大模型技术发展及深度系统工程创新等方面，推动国产算 力生态落地。 最新出炉的三季报显示，受益于AI浪潮下持续增长的算力需求，今年前三季度中兴通讯算力营收持续快速增长，同比增长180%，其中，服务器及存储营收 同比增长250%。 构筑算力领域全栈方案 具体而言，在网络领域，中兴通讯以AI为核心驱动力，提供更高速、更融合、更智能的连接能力，通过AIR系列方案、AI万兆全光等技术创新，全面升维网 络能力，拓宽AI应用场景， ...

报告显示，2025年1-9月，公司实现营收1005.2亿元，同比增长11.6%；归母净利润53.2亿元；扣非归母净利润38.8亿元。前三季度，受国内运营商通信基础 设施投资下降的影响，公司运营商网络营收承压，其中，国内市场下降，国际市场增长；政企业务持续跨越式增长，营收同比增长130%；消费者业务营收 保持稳健增长。 作为数字经济基础设施核心建设者，中兴通讯锚定"连接+算力"战略主航道，加速AI基础设施部署与升级，在"网络、算力、家庭、个人"四大领域持续突破 底层核心技术，形成全栈技术优势。前三季度算力营收同比增长180%，营收占比25%，其中，服务器及存储营收同比增长250%，数据中心产品营收同比增 长120%。家庭及个人持续增长，合计营收占比25%。 10月28日，中兴通讯发布2025年第三季度报告。 中兴通讯坚持"AI for ALL"，依托大模型的泛化能力，以云、网、AI为擎，加速构建覆盖家庭、个人消费者的全场景智慧生态。前三季度，家庭及个人营收 保持稳健增长，个人业务营收实现双位数增长。其中，海外手机持续增长，激活量同比增长超25%；云电脑营收延续高速增长态势。5G FWA&MBB市场份 额继续保持 ...

Group 1 - The Ministry of Industry and Information Technology has drafted the "Guidelines for the Construction of Computing Power Standard System (2025 Edition)" aiming to revise over 50 standards by 2027 in areas such as basic general standards, computing power facilities, and applications [4] - The domestic tourism market data for the first three quarters of 2025 shows that domestic residents made 4.998 billion trips, an increase of 760 million trips year-on-year, with a total expenditure of 4.85 trillion yuan, up 11.5% from the previous year [2][3] - The Hong Kong Stock Exchange reported that the number of new stocks listed in the Hong Kong market reached 66, raising a total of 23.5 billion USD in the first three quarters of 2025, marking a 45% increase in the number of new listings and a 192% increase in financing compared to the previous year [3] Group 2 - The Guangdong Provincial Government has issued an action plan to promote high-quality development in manufacturing through AI, encouraging local governments to establish "model vouchers" to support enterprises in purchasing industrial model services [6] - Nubia has launched the Red Magic 11 Pro series AI smartphones, integrating advanced AI capabilities, which is expected to drive growth in the global AI smartphone market, with predictions of a 54% penetration rate by 2028 [7] - The third-quarter net profit of Yingboer surged by 580.62% year-on-year, with revenues reaching 989 million yuan, a 69.4% increase [8]